Regular Spam (& all it's different varieties, "Honey Roasted", etc.) is made from ground pork, which is seasoned & then formed into a small loaf - like some varieties of deli/luncheon meat. For the turkey Spam, they simply substitute ground turkey for the pork.

I know this thread is positively ancient, but I'm a mainlander with an affinity for Hawaiian-style Spam, so I thought I'd chime in.

I do it pretty simply. Slice thin, let marinate in Aloha Shoyu for half an hour, then cook in hot pan with a tiny bit of oil until crispy on the outside and browned.

Then I generally bust out my mold and make my Musubi! I like my Musubis with nori furkiake, the requisite nori binder, the requisite rice, and some diced/shredded kimchi on top. Nothing beats the combination of salty/fatty shoyu spam and briny/sour/spicy kimchi.

My mom used to bake it like a ham and she would cover it with a brwon sugar/yellow mustard glaze. It was good! I also like it fried crispy in slices. I haven't had SPAM in a long time. Now that it's just the two of us at home, I may start again. One can would be the perfect size for us.